融资模式对公司治理结构影响的对比分析与思考

不同融资模式决定了企业不同的资本和股权结构,影响到公司治理结构。企业的主要融资方式有证券融资和银行贷款融资,美英企业以证券融资为主,日德企业以银行贷款融资为主,各有优势,符合国情,形成了在公司治理上各有特色的制度安排,均取得了成功。我国国有企业目前以银行贷款融资为主,辅以证券融资;但由于国家经济管理职能与资本所有者职能没有分离,形成了一种“行政干预下的内部人控制”的治理特征,无法实现“股东利益最大化”或“公司整体利益最大化”的目标。根据我国国情,我国企业应致力建立以证券为主导的融资模式及侧重市场控制的公司治理结构,以保证公司治理的高效运行。

A Brief Analysis of the Influence That the Financing Pattern Has on the Governing Structure of the Company

Different financing pattern decides the enterprise's different capital and stockholder's rights structure and affects the company's administration structure. The financing way of the enterprise includes negotiable securities financing and bank loan financing, of which American and British enterprises take the former one primarily, and Japanese and German enterprises take the latter. Each way has showed its superiority, conformed to the national condition and formed its characteristic system arrangement in governing the company. They all have achieved great success. At present, with negotiable securities financing as an auxiliary, our state-owned enterprise adopts bank loan financing primarily. But unfortunately, a governing characteristic- control by the trusted subordinate under the administrative intervention formed because the function as a national economical manager and as a capital owner have not separated. Owing to this the goal of maximizing shareholders' benefit or the company's overall benefit is unable to be realized. According to our national condition, our enterprise should devote itself to taking the negotiable securities as the leading financing pattern and establishing the governing structure which stresses the market control to guarantee the highly effective movement of the company's administration.